"The vast majority of Premiership clubs are conscious of the fact that there is no post-2004 television deal yet in place and this is depressing expenditure across the board.

Clubs are reluctant to spend unless it's absolutely essential, but even clubs that are reportedly heavily in debt can raise the money for quality players."

Merseyside's Premiership giants were two of just six clubs to report profits in 2002 on a combined turnover of nearly £140m. Each will be prudent during the summer and will probably sell before they buy.

The key to the resurrection of the transfer market will be the successful conclusion of a new Premier-ship broadcast deal for season 2004/05 onwards. No deal has yet been struck as the European Commission maintain that the contractual process whereby the rights to live games are sold to one broadcaster is anti-competitive.

Shorn of the certainty of long term broadcas t receipts, Premiership clubs are reluctant to commit to buying players.

This has a knock-on effect in the Nationwide League where the fallout from the collapse of ITV Digital continues to wreak financial havoc.

"The only clubs with the really big money - I mean those who could spend over £10m on a player - are Manchester United and Liverpool" maintained Silk-man. "Everyone else has overspent and they're having to rein things in."

According to mos t agents, player contracts are becoming "more realistic" with performance-related clauses now the norm.

But Jon Smith, chief executive at First Artist Corporation, a listed company which manages 400 players worldwide, doesn't subscribe fully to the gloomy prognosis.

"What we're witnessing is not a doom and gloom scenario. The Premier League and the Football League turnstiles are turning as never before, reporting excellent attendance figures. The problem for the Premiership is that the clubs have spent three years-worth of revenue inside 18 months and will clearly have to spend it more sensibly next time."

Meanwhile, 486 players are feeling the harsh reality of unemployment following life on what Smith calls "Planet Football". It has not been a soft landing and promises to be a tough summer before the transfer window closes in August.